The Ecuadorian is free to talk to clubs on the continent in January and Irons boss Pellegrini has also been alerted to his situation.

Hammers’ right-back Pablo Zabaleta is believed to be considering hanging up his boots at the end of the season to focus on a potential coaching career.

Pellegrini is hoping to persuade the Argentine veteran to sign a new deal but also sees 33-year-old Valencia as a viable replacement if United do fail to offer him an extension to remain at the Theatre of Dreams.

Valencia has been at odds with boss Jose Mourinho in recent weeks but came in from the cold for Tuesday night’s last-gasp Champions League victory over Swiss side Young Boys.

Valencia earns around £90,000-per-week and with his vast Premier League experience, knows he can name his price as a free agent.